Elitecon International Surges as Promoters Voluntarily Waive Dividend, Bolstering Financial Strength

Mumbai (Maharashtra) [India], December 10: Elitecon International Ltd. (EIL) experienced a significant surge in its stock price on Wednesday, hitting a 5 per cent Upper Circuit to an intraday high of Rs 99.38 per share, a notable increase from its previous closing of Rs 94.65. This upward momentum follows the company’s public announcement regarding the declaration and payment of an interim dividend, coupled with a strategic decision by its promoters to voluntarily relinquish their dividend entitlements.

The Board of Directors, in their meeting on November 5, 2025, had declared an interim dividend of 5 per cent per equity share for the Financial Year 2025–26, with November 12, 2025, set as the Record Date. Elitecon International Limited confirmed that the dividend payments have been successfully disbursed to all eligible Non-Promoter Category Shareholders, strictly adhering to the declared timelines and all statutory procedures. The company has provided confirmation of these payments, including a Dividend Payment Instruction Letter issued to their bank, Kotak Mahindra Bank, Dindori, Nashik, underscoring the meticulous completion of all required regulatory compliances under the Companies Act, 2013, and SEBI (LODR) Regulations, 2015.

A pivotal aspect of this development is the voluntary waiver of the entire interim dividend entitlement by all Promoter Category Shareholders, amounting to approximately Rs 47.5 million. This altruistic move by the promoters is aimed at reinforcing EIL's internal financial resources, thereby providing a robust foundation for future growth, expansion initiatives, and working capital needs. The company emphasized that this relinquishment was entirely voluntary, and the dividend payments to non-promoter shareholders proceeded as planned without any alteration to the company’s shareholding pattern.

The financial performance of Elitecon International Ltd. has shown remarkable improvement. Quarterly results for Q2FY26 revealed a substantial 318 per cent increase in net sales to Rs 2,192.09 crore and a 63 per cent rise in net profit to Rs 117.20 crore compared to Q1FY26. Looking at the half-yearly figures for H1FY26, net sales surged by an impressive 581 per cent to Rs 3,735.64 crore, with net profit climbing 195 per cent to Rs 117.20 crore over H1FY25. The consolidated annual results for FY25 reported net sales of Rs 548.76 crore and a net profit of Rs 69.65 crore. Established in 1987, Elitecon International Ltd. is a prominent player in the manufacturing and trading of tobacco and allied products, catering to both domestic and international markets, with a diverse product range and an expanding global footprint.

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